August 2, 2002 Commercial Real Estate Direct Staff ReportHACIENDA HEIGHTS, Calif. – Pan Pacific Retail Centers (NYSE:PNP) has acquired the Bixby Hacienda Plaza for $22.8 million in this Los Angeles suburb.The 135,000-square-foot neighborhood shopping center is on the...

August 2, 2002 Class Amount ($mln) Sub. Level (%) Avg. Life Rating S&P Price Talk (bp) Priced (bp) Benchmark A 294.31 34.77 2.26 AAA +30 area +31 Discountmargin B 63.97 20.59 2.92 AAA +34 area +35 Discountmargin C...

August 2, 2002 ALEXANDRIA, Va. – AvalonBay Communities Inc. (NYSE:AVB) has priced $150 million of medium-term notes due Aug. 1, 2007.The five-year notes were priced at 99.879 percent of par to yield 5.028 percent, or 168 basis points...

August 2, 2002 First Commonwealth Bank provided $12 million of permanent financing for the Regional Enterprise Tower, a 365,000-square-foot office building in Pittsburgh that had served as world headquarters of Alcoa Inc.The 31-story property, which is clad entirely...

August 2, 2002 Wells buys building for $11.6MlnAtlanta Journal-ConstitutionATLANTA – Wells Real Estate Fund has closed on the acquisition of the office building at 4000 Johns Creek Court in Forsyth County. Wells will pay $11.6 million for the...

August 2, 2002 BERKELEY, Calif. – Lend Lease Real Estate Investments Inc. has increased its ownership in a venture it operates with Rosen Financial Services to 74.9 percent from 50 percent.The venture, Lend Lease Rosen, manages $1.8 billion...

August 2, 2002 Wells Real Estate Investment Trust yesterday closed on the purchase of two properties, a distribution center in South Carolina and an office in Georgia, in separate deals totaling $38.5 million.The Atlanta-based REIT paid $26.9 million,...

August 1, 2002 Interstate Hotels Corp. (Nasdaq:IHCO) has completed its merger with MeriStar Hotels & Resorts.The resulting company is named Interstate Hotels & Resorts Interstate Hotels Corp., which will have a ticker symbol of IHR and will be...

August 1, 2002 Note: Pricing table reflects the deal's A/B note structure, with the eight "G" classes representing the junior, or "B" portion of the transaction's pooled loans. Class Amt ($mln) Sub. Level (%)* Avg. Life (yrs) Rating...

August 1, 2002 Sterling Centrecorp Inc. has terminated its agreement to buy the remaining assets of Crocker Realty Trust, a private Florida company with some 4.3 million square feet of commercial space.Sterling, a Toronto real estate investment firm,...

August 1, 2002 NEW YORK – Grubb & Ellis Co. (NYSE:GBE) has named Joel S. Herskowitz executive vice president and regional managing director for its New York region.In his new post as head of the entire region, Herskowitz...

August 1, 2002 Hall Financial Group, a Dallas investment firm, has completed two additional transactions as part of a plan to invest $100 million in mezzanine loans and preferred equity this year.The firm, which has completed more than...

August 1, 2002 Transwestern Commercial Services has appointed Larry Heard chief executive officer, effective Sept. 1.Heard, the commercial real estate firm's Southwest regional president in Houston, has worked for the firm for nearly 20 years. His appointment results...

August 1, 2002 SURPRISE, Ariz. – Prudential Mortgage Capital Co. has provided $17.2 million of financing under a Federal Housing Administration program for the Villas at Mountain Vista Ranch.The financing, originated under the FHA 221(d)(4) program, which funds...

August 1, 2002 DES PLAINES, Ill. – Great Lakes REIT (NYSE:GL) has bought a 148,000-square-foot office building near O'Hare International Airport for $10 million, or about $67/sf.The Oak Brook, Ill.-based REIT used its revolving line of credit to...

August 1, 2002Who says CMBS isn't sexy?Italian fashion company Prada is thinking of raising capital via a 200 million to 300 million euro (roughly the same in U.S. dollars) bond offering backed by its real estate, Reuters reported.The...

August 1, 2002 SEOUL, South Korea – Carlyle Group LP is reportedly in talks to buy an office building in Southern Seoul that serves as the headquarters of a South Korean Internet service provider.Carlyle is still negotiating a...

August 1, 2002 CLEVELAND – IPC US REIT has completed its $45.5 million purchase of the McDonald Investment Center, a 529,000-square-foot downtown office building.The Toronto-based REIT bought the 23-story tower at 800 Superior Ave. from developer Richard E....

August 1, 2002 SYDNEY, Australia – Investa Property Group (ASX:IPG) has contracted to buy a portfolio of seven office properties in Australia for A$570 million (US$307.7 million).The Australian real estate company is buying the properties – which are...

August 1, 2002 Max Capital Management has completed its $63.6 million acquisition of three office buildings with 330,000 square feet in Manhattan's Flatiron district.And, according to Cityfeet.com, it has already sold one of the three buildings, 49 E....

August 1, 2002 CHARLOTTE, N.C. – James Carroll has been appointed chair of the securitization committee for the American Bar Association's section of real property, probate and trust law for the 2002-03 bar year.Carroll is managing partner in...

August 1, 2002 WASHINGTON – Allied Capital (NYSE:ALD) said it has sold $129.8 million of CMBS for $94.7 million, recognizing a gain of about $12 million.The investment firm said the bonds it sold, which it acquired for $82.7...

August 1, 2002 CHICAGO – Prime Group Inc. has sold its entire investment in Horizon Group Properties Inc. (Nasdaq:HGPI) for $5 million.The investment, amounting to 528,118 common shares and 440,700 units in Horizon's operating partnership, were acquired by...

August 1, 2002BIRMINGHAM, Ala. – Colonial Properties Trust (NYSE:CLP) has priced $100 million of unsecured debt through Merrill Lynch.The bonds, which mature in August 2012, were priced to yield 6.989 percent or 250 basis points over Treasurys. They...

August 1, 2002 $150Mln project on Miami's North Beach to convert 1950s hotel into residential towersMiami TodayMIAMI – WSG Development and Transnational have paid $28 million for land adjacent to North Beach's famed Carillon Hotel, which has been...